He is no longer CEO of his company, but is still creative director and chairman

Fashion designer Alexander Wang has stepped down from his role as chief executive officer at his namesake brand.

Former Goop CEO Lisa Gersh is replacing him as CEO. Wang will stay on as creative director and chairman of Alexander Wang Inc's board of directors. Stephanie Horton, who was chief marketing officer at online retailer Farfetch, also joined the company as chief strategy officer.

Wang said that the two new appointments were necessary "to continually challenge the status quo".

"In my year as CEO, I've been able to reflect and assess the strengths and opportunities of the Company and set the stage for future growth," he said in a statement. "Lisa and Stephanie's diverse backgrounds in the media, lifestyle, and digital landscape will help us continue to position the business to expand into new categories and territories."

Lisa said, "I am honoured and excited by the opportunity to help Alex shape this remarkable company. The Alexander Wang brand has always represented style, innovation and an extraordinary standard of quality and excellence. I'm looking forward to working with Alex and the rest of the team to build on his foundation, and to continue to delight customers with our products and creative vision."